The Rivian Stock officially launched the procedure for landing at the Wall Street investors 135 million shares will be offered at a price between 57 and $ 62 each. The operation is expected to end in a few days, with the debut on the Nasdaq in New York scheduled for next week.
The evaluations. Rivian aims to raise up to $ 8.4 billion and win a pre-money valuation (i.e. before the start of trading) of $ 53 billion, or more than $ 60 billion including employee stock options. and other equity instruments. These are values definitely higher than the 27.6 billion reached in January with fundraising of 2.65 billion and, in any case, lower than the 80 billion indicated at the end of August by some rumours in the American press. However, it is not excluded that in the coming days the top management will decide to review the terms of the offer, in light of the composition of the purchase requests and the real interest of the market for one of the most anticipated listing operations in recent months, and among the largest absolutely of the year.
Investors. In order to achieve its objectives, the startup primarily counts on exploiting the strong interest of investors in everything related to electric mobility. Interest that, for example, drove Tesla, which landed on Wall Street in 2010 and raised just 260 million dollars, to reach a market capitalization of 1,200 billion dollars. Furthermore, some information included in the prospectus already pushes to exclude a possible flop of the listing. Several large corporations and financial entities, some of which have long been shareholders, have pledged to acquire shares for up to $ 5 billion. In particular, these are institutional investors of the calibre of T. Rowe Price, Franklin Templeton, Third Point Investors, already owners of 20% of the capital. The offering, handled by major Wall Street investment banks Morgan Stanley, Goldman Sachs and JPMorgan Chase, will not dilute the influence of founder and chief executive RJ Scaringe, who will remain firmly in control thanks to a special share class as he reserved able to guarantee 10 voting rights for each title held. With the listing, the company will be able to further increase the supply of capital necessary to carry out the expansion strategies of the range and production network: since 2019 over 10 billion have been raised through various rounds of financing, which also saw the participation of Ford.
